AgriCharts Market Commentary

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Corn

Corn futures closed the day with 1-2 cent losses following wheat into the red. This morning’s USDA Export Inspections report showed 938,099 MT in corn shipments during the week of 2/15. That was up 10.87% from the previous week but still lags the same time last year by 20.64%. Since the beginning of September, the US has shown 16.645 MMT in export inspections for corn. That is down 31.93% from the same timeframe in the 16/17 MY. The weekly EIA report will be delayed until Thursday morning, due to Monday’s holiday.

Mar 18 Corn closed at $3.65 1/2, down 2 cents,

May 18 Corn closed at $3.73 3/4, down 1 1/4 cents,

Jul 18 Corn closed at $3.81 1/2, down 1 1/4 cents

Sep 18 Corn closed at $3.88 1/4, down 1 1/4 cents

Soybeans

Soybean futures finished the Tuesday session with most nearby contracts 4 to 5 cents higher. They retreated off 17 to 17 1/2 cent gains from earlier in the day. Soy meal futures were up $3.20/ton, with nearby soy oil 32 points in the green. Dry conditions in Argentina and too much moisture in Brazil continue to push the market higher. Export Inspections totaled just 960,066 MT during the week that ended February 15. That was a drop of 29.3% from the week prior and 12.14% lower than the same week in 2017.

Mar 18 Soybeans closed at $10.26 1/2, up 5 cents,

May 18 Soybeans closed at $10.37 1/2, up 5 cents,

Jul 18 Soybeans closed at $10.47, up 4 3/4 cents,

Sep 18 Soybeans closed at $10.34 3/4, up 4 cents,

Mar 18 Soybean Meal closed at $376.50, up $3.20,

Mar 18 Soybean Oil closed at $31.86, up $0.32

Wheat

Wheat futures settled with 6 to 9 cent losses in most CBT and KC contracts, with MPLS 2 to 3 cents lower. The US dollar saw sharp gains on Tuesday, putting pressure on the wheat market. All wheat shipments for the week of 2/15 were shown at 422,298 MT in this morning’s Export Inspections report. That was down 15.52% from the week before and 26.02% lower than the same time a year ago. FOB export prices in the Black Sea region have been rising, potentially aiding US competitiveness. Egypt’s GASC is seeking wheat for late March delivery.

Mar 18 CBOT Wheat closed at $4.49 1/4, down 8 1/2 cents,

Mar 18 KCBT Wheat closed at $4.71 3/4, down 6 3/4 cents,

Mar 18 MGEX Wheat closed at $6.02 1/2, down 2 3/4 cents

Cattle

Live cattle futures ended the day with most nearby contracts steady to 20 cents higher and back months lower. Feeder cattle futures were also mixed, with front months slightly higher. The CME feeder cattle index was up 29 cents on February 19 at $148.11. Wholesale boxed beef values were sharply higher on Tuesday afternoon. Choice boxes were up $3.35 at $215.92, with Select boxes $2.97 higher at $210.40. Estimated weekly FI cattle slaughter was 213,000 head through Tuesday. That is down 14,000 from the previous week on lighter Monday slaughter and 2,000 head fewer than the same week last year.

Feb 18 Cattle closed at $130.300, up $0.200,

Apr 18 Cattle closed at $127.725, up $0.075,

Jun 18 Cattle closed at $118.825, up $0.150,

Mar 18 Feeder Cattle closed at $149.800, up $0.075

Apr 18 Feeder Cattle closed at $152.450, up $0.050

May 18 Feeder Cattle closed at $153.050, up $0.225

Lean Hogs

Lean hog futures saw gains of $1.05 to $1.35 on Tuesday. The CME Lean Hog Index on February 16 was $72.09, down 80 cents from the previous day. The USDA pork carcass cutout value was $1.36 higher at $79.72 in the Tuesday PM report. All primal cuts were reported higher. The national base hog weighted average price was down 15 cents at $64.29 Tuesday afternoon. The USDA estimated week to date FI hog slaughter at 879,000 through Tuesday. That is down 45,000 head from the previous week but 6,000 head more than the same time last year.

Apr 18 Hogs closed at $69.200, up $1.050,

May 18 Hogs closed at $76.000, up $1.075

Jun 18 Hogs closed at $80.950, up $1.225

Cotton

Cotton futures posted 159 to 180 point gains in most nearby contracts on Tuesday, with back months modestly higher. The USDA reported that 236,832 bales were classed in the upland category during the week of Feb 15. That brings the total for upland classings to 18.480 million bales for 17/18. The USDA Adjusted World Price or AWP was trimmed 30 points from the previous week to 69.15 cents/lb on Thursday. The Cotlook A index was up 25 points from the previous day on February 19 at 86.85 cents/lb.

Mar 18 Cotton closed at 77.510, up 179 points,

May 18 Cotton closed at 78.960, up 180 points

Jul 18 Cotton closed at 79.710, up 159 points


Market Commentary provided by:

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